Sinopec Unveils Groundbreaking Global and Chinese Energy Forecast, Focusing on 2060 Vision and Industry Development

The Company Also Released the 2025 China Energy & Chemical Industry Development Report

BEIJING, Dec. 24, 2024 /PRNewswire/ -- China Petroleum & Chemical Corporation (HKG: 0386, "Sinopec") unveiled major forecasts on a comprehensive view of global and Chinese energy landscapes over the next several decades, marking a significant milestone as Sinopec publishes its first-ever long-term global energy outlook of its kind.

Sinopec provides detailed predictions for the future of both fossil and renewable energy worldwide. Key insights include:

    --  Global Primary Energy Consumption: Expected to peak at 26.71 billion
        tonnes of coal equivalent by 2045, with renewable energy accounting for
        51.8% of total energy consumption by 2060.
    --  Slowing Growth in Energy Consumption: Global energy consumption will
        gradually slow, reaching 25.25 billion tonnes of coal equivalent by
        2060. By this time, oil and gas will together account for 35.7% of total
        energy consumption.
    --  Peak Oil Demand: Oil consumption is projected to peak at 4.66 billion
        tonnes around 2030. While the focus of consumption shifts from
        transportation to industrial feedstocks, oil will remain the dominant
        transportation fuel, with a 40% share of total transport energy demand
        by 2060.
    --  Rising Non-Fossil Energy: Significant growth in non-fossil energy
        sources such as hydrogen, CCUS (Carbon Capture, Utilization, and
        Storage), and advanced energy storage technologies. Hydrogen consumption
        is expected to surpass 340 million tonnes by 2060, with its energy usage
        share growing from 2% in 2023 to nearly 50% by 2060. CCUS capacity is
        projected to reach 110 million tonnes of CO? captured by 2030, and 4.7
        billion tonnes by 2060.

The China Energy Outlook 2060 (2025 Edition) delves into China's energy consumption and transformation, highlighting:

    --  Peak Energy Consumption: China's primary energy consumption is expected
        to plateau after 2030, reaching a peak range of 6.8-7.1 billion tonnes
        of coal equivalent. Oil consumption will peak before 2027, with a
        maximum of 800 million tonnes. Natural gas is anticipated to see a
        period of moderate to high growth, particularly between 2026 and 2030,
        when consumption is expected to increase by over 110 billion cubic
        meters.
    --  Shift to Non-Fossil Energy: By 2035, non-fossil energy power generation
        is projected to surpass fossil fuel-based generation, reaching 8,400
        TWh. The share of non-fossil energy consumption will rise to 27% between
        2026 and 2030. China's energy consumption transition will increasingly
        rely on a diversified mix, incorporating electricity, hydrogen, ammonia,
        and other clean alternatives.
    --  Carbon Emissions Peak: China's energy-related carbon dioxide emissions
        are expected to increase slightly from 10.66 billion tonnes to a peak
        range of 10.8-11.2 billion tonnes. This trajectory will help ensure the
        country meets its carbon peak target by 2030.

The 2025 China Energy & Chemical Industry Development Report offers insights into the evolution of China's energy and chemical industries:

    --  Oil Refining Capacity: China's oil refining capacity is nearing its
        peak, with total refining output set to stabilize at 960-970 million
        tonnes per year by 2025.
    --  Challenges in the Chemical Sector: Despite significant growth, the
        chemical market faces challenges such as excess capacity in olefin and
        aromatic hydrocarbon industries, as well as sustained high output in
        bulk chemicals.
    --  Innovation Driving Growth: Innovation is identified as the primary force
        propelling China's energy and chemical industries toward a more
        sustainable future.

Through these reports, Sinopec offers a roadmap for policymakers, industry leaders, and stakeholders to navigate the challenges and opportunities of the coming decades. The company remains committed to driving the energy transition, advancing technology, and promoting sustainable, low-carbon solutions across the energy and chemical sectors.

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SOURCE SINOPEC